We are currently below the 50-day exponential moving average (EMA) for both grades of crude oil that I track on Wednesday’s trading session.
Oil prices inched higher on Thursday as the market weighed weak demand against supply disruption due to an impending train slowdown in the United States, the largest petroleum consumer in the world.
Oil is essential for industry and households. When the price of Oil increases, Business costs will increase accordingly. Factors that increase oil prices include economic growth. Production plans of manufacturers in the world market temperature in some countries political stability exchange rate and support for alternative energy.